Paystack Expands into Banking Services with Ladder MFB Acquisition
Paystack, a Nigerian fintech firm, has acquired Ladder Microfin Bank to venture into banking services and secure a banking license in Nigeria. This strategic move allows Paystack to operate as a separate fully regulated entity within its group, offering services like lending, accepting customer deposits, and issuing loans.
The acquisition marks a significant shift from its initial focus on payment processing, enabling Paystack to expand into consumer credit and a broader range of financial services. By gaining control over money movements and reducing reliance on third-party financial institutions, Paystack aims to unlock new revenue streams and enhance its ecosystem.
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